Which statement about investment returns under a Variable Life insurance policy is NOT TRUE?

Under a Variable Life insurance policy, the investment returns are not assured. This means that policyholders must understand that their returns can vary based on market performance, making option A the statement that is not true.

In a Variable Life policy, the value of the cash component is directly linked to the performance of underlying investments, such as mutual funds. Therefore, the returns can indeed fluctuate based on the success or failure of these investments. Because of this linkage, options B, C, and D accurately describe the nature of the investment returns: they are not guaranteed (B), they do fluctuate due to market forces (C), and they are directly connected to the investment fund's performance (D). Hence, the assurance of returns is not a characteristic of Variable Life policies, as market risks can lead to unpredictable outcomes.